If you want to invest in solar energy, now is the time. Investors need to act by December 2013 to join in this opportunity.
Last Tuesday (November 19th), members of HARE heard details of the 18 approved solar projects being undertaken by the Green Energy Cooperative of Ontario.
Since September 2012 HARE has had a Memorandum of Understanding with GECO to enable HARE members to participate in GECO projects. All of the details of the GECO projects are formally contained in the Offering Statement published on GECO’s website.
You should read the Offering Statement in full and take financial advice before investing. The Board and members of HARE are not giving financial advice or making any recommendation on this investment.
Learn more. Ask questions.
To provide HARE investors with opportunities to ask further questions a meeting has been scheduled for individuals or smaller groups to meet with GECO board members at the Environment Hamilton offices, 22 Wilson St, Suite 4. on Tuesday, Dec 3 from 11 am to 9 pm. Interested investors are invited to drop in at their convenience during these hours.
Additional public meetings have been scheduled by GECO in the next two weeks to talk to different groups in Burlington, Oshawa, London, Woodstock and Harriston – details can be found on the Events Page on GECO’s website.
The Burlington meeting is on Wednesday December 4th 2013 at Fortinos (meeting room) 1059 Plains Road East, 7 pm – 9 pm.
Summary of the GECO projects
The projects are majority owned (>50%) by GECO with participation from other partners.
18 projects – 16 rooftop solar projects and 2 ground mount projects
Burlington; 1 rooftop commercial/industrial
Halton (Rockwood); 2 ground mount
Guelph; 1 agricultural building
Woodstock; 3 agricultural buildings
London; 8 commercial/industrial buildings
Whitby/Ajax; 3 commercial/industrial buildings
Although GECO submitted a number of Hamilton located projects, these were not approved mainly because there was insufficient connection capacity.
Total Generation Capacity of 6.2 MW with weighted average FIT rate of $0.511 per kWh should generate approximately $3,700,000 in annual revenue in year one of production.
Total investment $24M with planned financing 77% debt and 23% equity.
Target rate of return 10% p.a.
Available as RRSP investment if requested; you will need to open an account with a specified holding institution.
Negotiate final debt facility for portfolio of projects Sept ’13 to Jan ‘14
Submit Connection Impact Assessments (CIA’s) to LDC’s Oct ‘13 to Dec ‘13
Raise $3,300,000 of equity through sale of Preferred Shares Nov ‘13 to Dec ‘13
Obtain final quotes for “Turn-Key” Project Construction Feb 2014
Construction begins on first projects April 2014
Construction completed on final project Dec 2014
GECO are the Green Energy Cooperative of Ontario
The Green Energy Co-operative of Ontario (GECO) provides a membership opportunity for Ontario residents to own and invest in community owned green energy projects, creating clean local power while supporting local employment and community development.
GECO has a portfolio of solar projects in progress, working with developers on commercial and industrial rooftop applications, as well as ground mount solar projects.
You need to be a member of GECO – at a one time cost of $10.
Minimum investment = $400
Maximum investment = $200,000
Type of investment = Preferred shares
Term of investment = 20 years
As with all financial investments, READ THE SMALL PRINT in the Offering Statement.